How to Balance Career Opportunity and Cost of Living (Plus: ChatGPT Ads Could Change How You Spend)
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What is the impact of AI shopping on consumer spending?
Navigating early career choices is never easy. Figuring out questions like who you want to work for, where, and what might seem simple, but it can be a complex equation. Today, we'll walk through a listener's job dilemma, including how to deal with the fact that an algorithm will determine some of the answers to those questions. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles.
And I'm Elizabeth Ayola. Later, we'll be answering a listener's question about how to think about early career choices when you're on your way to med school. But first, our weekly money news roundup, where we break down the latest in the world of finance to help you be smarter with your money. Our news colleague, Anahil Hoski, is back. And she's going to be talking about the age of AI shopping and how it could change how you spend and what you buy.
The same tool that gives you helpful advice could also soon be serving you ads and be acting as the checkout all at once. So listen to this. A new study released on January 7th from IBM Institute for Business Value and the National Retail Federation found that almost half of consumers turn to AI for shopping and advice, including product research, interpreting reviews, and finding deals.
I am in the 50% that is not doing that currently. But it seems clear that the age of AI shopping is on the way.
How are companies integrating ads into AI shopping experiences?
And there are some clear signals that changes are coming really soon.
There's been a lot of recent developments. So first up, Google's starting to fold shopping and advertising right into its generative AI chat platforms. Google's AI mode is now being used to show you personalized deals and shopping offers that are based on what you're looking for. And that's a pilot program called Direct Offers. And it lets retailers present you discounts and special promotions directly into a chat when a user is considering making some kind of a purchase. And Google also unveiled a new standard called the Universal Commerce Protocol. Very catchy. And it allows brands and retailers like Shopify, Walmart, Target, Etsy to sell directly inside AI Chats without making you click through to another site.
So you could ask Google's AI something like, what's a good carry-on suitcase? Yes, that is personal because my son stabbed up my carry-on suitcase while opening it from the box. So I need a new carry-on suitcase. And it'll both give you options and let you buy one directly in the chat.
Yeah, exactly.
What should you consider when choosing a city for medical residency?
Although you might want to be a little bit more specific. So what's a highly reviewed, lightweight, soft body, top open carry-on suitcase? So specificity is something that always helps and prompts, especially with shopping. And one more thing about Google. For now, Google's ad team is focusing on shopping ads and offers in AI mode rather than in its chatbot Gemini. But that's pretty likely to change. So meanwhile, on January 16th, OpenAI announced that it would begin testing ads in the free tier of ChatGPT. In a post on X, the company said the chat responses won't be influenced by ads. Ads will be separate and labeled and advertisers can't see your chats.
Hmm. You know, for some reason, I'm skeptical of all of those claims.
Yeah, yeah, same. But give them the benefit of the doubt for right this second. OpenAI also has its own version of in-chat shopping that's called Instant Checkout. And a partnership was announced with Shopify and Etsy in the fall.
How do cost of living and career opportunities compare in different cities?
And basically, it allows US users to see product listings right in the chat. And if the product supports it, complete a single item purchase within the conversation. Oh, my gosh. Yeah.
Danger. Yeah.
Yes, especially for impulse shoppers and people who don't think before they spend. This is, wow.
It's exactly what it's designed to do, is to get them to spend without thinking.
Yeah, and it's addictive. So in the future, it's going to be offering multi-item carts. You're going to be able to buy a bunch of stuff at once. Oh my God. And it's going to be broadening the scope of which retailers it's going to be partnering with.
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Chapters
8 chapters
1
What is the impact of AI shopping on consumer spending?
0:00–1:24
2
How are companies integrating ads into AI shopping experiences?
1:24–2:24
3
What should you consider when choosing a city for medical residency?
2:24–3:18
4
How do cost of living and career opportunities compare in different cities?
3:18–3:55
5
What are the financial implications of living in a high-cost city?
3:55–4:53
6
How can early retirement savings affect your future?
4:53–5:59
7
What strategies can help save money during residency?
5:59–6:46
8
What lessons can be learned from navigating early career choices?
6:46–37:24
Speakers
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